This year's meeting, entitled "New Horizons: Economic and Political Implications of the Changing Global Landscape," got into full swing with opening addresses from World Trade Organisation Director General Michael Moore via video, and PBEC Chairman Helmut Sohmen.

In his address Dr Sohmen (left) stressed the critical role globalisation and trade liberalisation plays in building jobs, fuelling economic growth, extending life expectancy and improving people's standard of living.

This theme was echoed by many speakers throughout the IGM and highlighted plans for a new round of WTO negotiations. It also articulated calls for businesses to seize opportunities generated through globalisation.

Forbes Inc. President and CEO Steve Forbes told attendees during his address that governments must strive to create more business-friendly environments so that people around the world can benefit from the new wealth globalisation is creating.

PBEC Hong Kong Committee Chairman David Eldon (below, left), speaking at the plenary session devoted to financial sector reform, warned about short memories and competing political and financial interests in the Pacific.

"The complicated and unpredictable financial situation in the region should encourage us to enhance our risk management strategies," he said.

One of the highlights of this year's PBEC was the environmental awards, given to members that have made outstanding contributions to global environmental protection. This year, Sony Magnetic Products (Thailand) Co. Ltd., was the recipient of this prestigious award.

Policy Statements

At the six-day conference, PBEC's Steering Committee and Board of Directors adopted policy statements on five key policy areas.

Firstly, it called upon WTO member economies to continue efforts towards the initiation of a new round of trade negotiations. It also recognised the responsibility of the business community to do more to articulate the benefits that flow from trade and investment liberalisation to all segments of society.

PBEC also outlined an ambitious agenda for work on e-commerce issues both on its own and in association with other agencies.

It also endorsed a policy statement on biotechnology applications regarding food and agriculture in the Pacific Basin region. To separate myth from scientific fact regarding agricultural developments, more consumer information should also be made available to improve the public's confidence in agriculture technology, the statement said.

PBEC also called for the streamlining of patent procedures which are currently very time-consuming and expensive to bring into being.

And finally, PBEC recognised that e-transformation would be a cornerstone the committees' agenda in 2000.

Also at the meeting, the Board of Directors accepted Singapore as a new applicant member.

Highlights and speeches of the meeting are posted on PBEC's Web site www.pbec2000.org B

Elections

Kosaku Inaba, chairman & CEO of Ishikawajima-Harima Heavy Industries Co. Ltd. (and former co-vice chairman of PBEC), was elected PBEC chairman.

Helmut Sohmen, chairman of World-Wide Shipping Agency Ltd., was elected PBEC's chairman emeritus.

S R Cho, chairman of Hyosung Group, (and chairman of PBEC Korea), was elected as PBEC's co-vice chairman.